Arabian and Majid Al Futtaim Ventures (AMAFV) has entered into a joint venture with food and beverage (F&B) restaurant company Gourmet Gulf to venture into the Middle East F&B market.
This collaboration will operate as the growth engine driving new enterprise development for Majid Al Futtaim Holding.
It will bring Daud Arabian's, a company that set up Gourmet Gulf, and Majid Al Futtaim Ventures' experience across the Middle East and North Africa (MENA) region to Gourmet Gulf.
Majid Al Futtaim Ventures CEO Ahmed Galal Ismail said that with this joint venture, the company marks the first investment in the Middle East F&B sector.
"Gourmet Gulf is a very well respected operator with an exceptional portfolio of brands and a solid track record in the region. Combining this with our retail expertise makes for a compelling alliance, and we are confident of mutual success," Galal added.
Currently operating 25 F&B outlets across the Gulf, Gourmet Gulf plans to open over 10 restaurants in the next six months.
Gourmet Gulf CEO Sami Daud said this deal will enable the company to maintain their position in the F&B franchising sector.
"Our objective is to have well over 100 outlets in operation by 2020, a goal that we are well on our way to achieving," Daud added.
"In addition to the opening of new outlets of our existing franchise brands, we are also in the final stages of signing a number of new concepts for the region which will launch very early next year."
